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Income Taxes
 3 Months Ended
Mar. 31, 2022
Income Tax Disclosure [Abstract]  
Income Taxes

13) Income Taxes

 

The Company’s overall effective tax rate for the three months ended March 31, 2022 and 2021 was 27.3% and 25.8%, respectively, which resulted in a provision for income taxes of $1,214,798 and $4,226,340, respectively. The Company’s effective tax rates differ from the U.S. federal statutory rate of 21% partially due to its provision for state income taxes. The increase in the effective tax rate when compared to the prior year is partially due to a larger increase to the valuation allowance in the current period when compared to the prior period year.

 

Interim income taxes are based on an estimated annualized effective tax rate applied to the respective quarterly periods, adjusted for discrete tax items in the period in which they occur. Although the Company believes its tax estimates are reasonable, the Company can make no assurance that the final tax outcome of these matters will not be different from that which it has reflected in its historical income tax provisions and accruals.